Hi all,
I would like to learn to trade Forex as a hobby and hopefully make some extra income. Just wondering which platform would you recommend?
I plan to first start with a Demo account. Once I can consistently profit from a Demo account I will start a live account.
Yesterday I downloaded Avatrade but I find the user interface extremely confusing.
What is the most common platform that people use?
Thanks and regards,
Are you an American resident?
If so, I’d recommend:
FXCM- Trading Station (platform)
FOREX.COM (can trade gold/silver)
Axi Trader US
Forex brokerers takes an outrageously high price for their services in relation to futures brokers.
For a U.S. Citizen, i guess Interactive Brokers is the best choice
Or a broker with c Trader platform can be a good opportunity
cTrader - STP Trading Platform - Fast, powerful FX Trading
FXCM is too pricey and trade active against you as a trader …
[QUOTE=“torulf39;614490”] FXCM is too pricey and trade active against you as a trader …[/QUOTE]
In what aspect are they pricey?
FXCM offers NDD accounts - how are they trading against me?
Correct FXCM offers NDD, But what idiots agree spread of 2.6 pips from FXCM NDD '.
When other ECN platforms are well below 1 in spread?..
FXCM DD offer spread EUR/USD 1,6 , but then FXCM is trading against you
Hi and welcome in forex trading. My only recommendation is going to be: when you find out the best platform for you just go straight on the real trading and don’t waste any time on demo trading. What ever you are going to learn on demo trading is not going to be even close with real trading.
[QUOTE=“torulf39;614506”] Correct FXCM offers NDD, But what idiots agree spread of 2.6 pips from FXCM NDD '. When other ECN platforms are well below 1 in spread?.. FXCM DD offer spread EUR/USD 1,6 , but then FXCM is trading against you[/QUOTE]
I’m willing and happy to pay around 2 pts for NDD on my FXCM account
The access to free investment material (daily live webinars, strategies, premium commentary, etc) plus free account credits to the App Store is a huge bonus. Their account management team actually wants you to succeed…they make money if your actively trading, you can’t actively trade if you don’t have money in your account.
You have a good point here. Spreads are just too high. And using a platform trading against you is worst. My suggestion would be to open an account with an easy going broker and download the MT4, which I consider the easiest platform for sure
Forexunlimited …
There is not forbidden to be dumb and happy .
Imagine two starbucks coffee shops next to each other completely identical …
You and me drinking 5 cups of coffee every working day at one of the Starbucks coffee shop …
I pay $ 5 cup that is $ 25 the day … $ 6,250 during a year .
you pay $ 20 cup ie $ 100 day … $ 25,000 during a year.
Who is the smartest … who are stupid or at least retarded !
FXCM marketer nice that they offer DD for those who are concerned with price .
It is 100 % pure lie …
FXCM DD business concept is based on the customer must lose their money if not FXCM lose their money , since you trader against FXCM not market …
That is the reason they have a insane price on their NDD spread they want the client to not use NDD even they are saying this the best choice …
FXCM want and know that 99 % of their small customers lose their money sooner or later .
But they do not want them to lose money too fast since they are disadvantaged in the statistics compared to other brokers .
FXCM is forced to reduce the cost of their products to small traders gradually as other brokers taking market share from them …
[QUOTE=
The access to free investment material (daily live webinars, strategies, premium commentary, etc) plus free account credits to the App Store is a huge bonus. Their account management team actually wants you to succeed…they make money if your actively trading, you can’t actively trade if you don’t have money in your account.[/QUOTE]
You are absolutely blown Forexunlimited ;
It is not your broker to be the source of knowledge and Strategies ask FXCM statistics about how successful their strategies are! …
[B]Ask how many of their clients who have had success during of a year, asking how many of their customers who take out a decent salary and have been doing this for over 5 -6 years.
You will never get a answer why !!!
[/B]
Therefore spread betting is tax free in UK because it goes under gambling and FXCM is a casino and operates as a casino.
To bring the trading to app is in my eyes a bad thing … trade takes place in front of the screen in work mode.
I gave my daughter the last apple phone to avoid using the time came look at the market unnecessarily
Tax treatment[edit]
In the UK and some other European countries the profit from spread betting is free from tax. The UK and some other European countries tax authorities designate financial spread betting as gambling and not investing, meaning it is free from capital gains tax and stamp tax, despite the fact that its regulated as a financial product by the Financial Services Authority in the UK. [B]Most traders are also not liable for Income Tax unless they rely solely on their profits from financial spread betting to support themselves[/B]. The popularity of financial spread betting in the UK and some other European countries, compared to trading other speculative financial instruments such as CFDs and futures is partly due to this tax advantage. However, this also means any losses cannot be offset against future earnings for tax calculations.
[B]
FXCM definition of what spread bettings is
WHAT IS SPREAD BETTING?
Trading a spread betting account is the same as forex trading, but because of the UK spread betting tax code, UK and Ireland traders enjoy tax-free trading1. Quite simply, forex spread betting can be explained as a special account classification for the UK [/B]
[QUOTE=“torulf39;614641”] Forexunlimited … There is not forbidden to be dumb and happy . Imagine two starbucks coffee shops next to each other completely identical … You and me drinking 5 cups of coffee every working day at one of the Starbucks coffee shop … I pay $ 5 cup that is $ 25 the day … $ 6,250 during a year . you pay $ 20 cup ie $ 100 day … $ 25,000 during a year. Who is the smartest … who are stupid or at least retarded ! FXCM marketer nice that they offer DD for those who are concerned with price . It is 100 % pure lie … FXCM DD business concept is based on the customer must lose their money if not FXCM lose their money , since you trader against FXCM not market … That is the reason they have a insane price on their NDD spread they want the client to not use NDD even they are saying this the best choice … FXCM want and know that 99 % of their small customers lose their money sooner or later . But they do not want them to lose money too fast since they are disadvantaged in the statistics compared to other brokers . FXCM is forced to reduce the cost of their products to small traders gradually as other brokers taking market share from them …[/QUOTE]
Do me a favor my friend- stand up, crack your back, take a deep breath and relax
You’re getting a bit too passionate for this topic.
The math here is way outrageous. I’d assume you’re getting around 1-1.3 for EURUSD… On average, I’m paying 2.3.
Your example above is inaccurate and a misrepresentation of the argument.
Your claiming that I’m paying 4x as much as you would be. Whereas, it’s roughly less than half of that
I feel their client service team is superior to any other broker I’ve used over the years.
Their charting software is excellent…can’t even remember a single issue I’ve had in a while.
I can care less who you trade with and who you don’t trade with at the end of the day.
All I care about is helping others and providing insight based on my experiences.
No one is saying that this new user must absolutely sign up with FXCM. 
Been using FXCM, tradersway and Alpari…for the last few years, and so far, it has been great. The neat thing about using multiple brokers, is you can select each for a diff kind of account.
It is great you are starting with a demo to start off with but you may want to open a micro live acc soon…good luck and fyi, check out some of the independent review sites on broker platforms, review what they are offering, etc.
There are nice platforms to use. Yes, a few brokers have been great including some of the offshore brokers having the fastest platforms when it comes to execution.
Dear friend you have the right passion is something I have for trading …
You do not understand the logic and refuse to accept reality . ! !
The first rule is to understand the cost of trade and what it represents in % within a year .
*
[B]You say directly that I do lie that I pay 1 to 1.3 in the spread.
can you explain me why what I say is a lie
*[/B]
Dukascopy ECN account has a base spread of 0.2 pips and then you pay a commission depending on how much money you have in your account .
Customer under 5K account pay 0.7 pips in commission , smart customer demand also 40 % discount on the commission it means that the Commission is down to 4.2 in spread,
Have you some money so you get the commission down to 21.6 .
I pay on average $ 4.16 for a cup of coffee and you pay $ 23 for a coffee.
This is the reality after 1250 trade , then you pay $ 28,700 I pay $ 5,250
( $ 8,750 is the realistic price )
Check out the Interactive traders U.S. company .
They are about the same as Dukascopy and why is Interactive Brokers on top of the most profitable traders quarter after quarter while FXCM is at the bottom ! …
Why do you think future traders do not trade on spot market!!! price –price price and price
For me, best is Hotforex. But when you will choose your broker, read carefully their ToS, it can contain crucial conditions which can ruin or lift up your trading performance.
What you’ve said here is misleading. First, the image you posted does not list brokers in order of % Profit. FXCM actually falls in the middle, not the bottom.
Second, you’re making the assumption that the average account at all brokers is the same (in terms of account balance, leverage used and level of trading experience). That’s not the case. The main reason IB and Citi have a higher % Profit than other brokers is because their minimum account balance is $10,000. By contrast, FXCM’s minimum account balance is only $50.
What your table is really showing is how the leverage you use and the amount of capital in your trading account can affect your profitability. I’ve mentioned this numerous times in earlier discussions about leverage with data compiled by DailyFX research from over 10,000 FXCM client accounts: “Traders with at least $5,000 of capital tend to use more conservative amounts of leverage. Traders should look to use an effective leverage of 10-to-1 or less.” The same study showed that FXCM client accounts with a balance of $10,000 or more had a profitability rate of 44.09% which is right in line with the two brokers in that table that have a 10k minimum for all their accounts.
Third, in addition to our low account minimums, we provide extensive customer support and educational resources that make us a popular choice for new traders. That’s one of the reasons FXCM’s client base has grown to over 180,000 active accounts as of our latest quarterly results (up 7% from the previous year). It does mean however that while we have many experienced traders as clients, the average experience level our client base can be lower than at other brokers that do not offer as much help to beginners. This would also have an impact on % Profit numbers.
As has already been mentioned by some of our clients in this thread, traders choose FXCM for our many advantages which include our customer support and educational resources not to mention the piece of mind that comes from trading with one of the only forex brokers that’s a publicly-traded company (NYSE ticker: FXCM).
False. The majority of our clients trade on NDD forex execution including all of our largest clients with Active Trader accounts (minimum balance 25k). Our NDD model is one of the main reasons traders have entrusted FXCM with $1.264 billion in client funds.
False. Our client base has grown to over 180,000 active accounts as of our latest quarterly results (up 7% from the previous year) even as some other brokers shrank, were acquired or disappeared altogether. While FXCM believes that NDD execution provides the best all-around trading experience, we introduced DD execution as an option for traders whose primary concern is low spreads.
Thanks for the support and much needed clarification Jason.
EVERY retail broker trades against you NDD, ECN, DD, API, PCI, FBI, CIA, NSA or any other lame title or not.
Read the declarations fine print from ANY retail level broker, and even a few commercial ones. You obviously have a deep seated misunderstanding of how retail forex works PERIOD.
[B]Jason mislead people, is your job … !![/B]
[B]The statistics clients Us period 2013
Showing an increase of 899 new clients to FXCM.
Is FXCM really happy with this!!
[/B]
[U]In the same period, got Interactive Brokers 5269 new customers who belongs to the segment lucrative retail customers … 10 K account and upwards
*
[B]*
Why choose 5269 plus 10K customers IB instead of FXCM … [/B]
FXCM has mislead tens of thousands of people with their $ 500 micro contests that give a misleading picture of you can be rich with a $ 500 account.
The correct description would be that FXCM has remained constant at the lower part of the table since 2009 on the quarterly profit statistics come out .
